Money market fund assets rose to $2.578 trillionThe Associated Press
NEW YORK -- Total U.S. money market mutual fund assets rose $8.04 billion to $2.578 trillion for the week that ended Wednesday, the Investment Company Institute said Thursday.
Assets of the nation's retail money market mutual funds rose $670 million to $886.86 billion, the Washington-based mutual fund trade group said. Assets of taxable money market funds in the retail category rose $400 million to $697.9 billion. Tax-exempt retail fund assets rose $270 million to $188.95 billion.
Meanwhile, assets of institutional money market funds rose $7.37 billion to $1.691 trillion. Among institutional funds, taxable money market fund assets rose $7.57 billion to $1.609 trillion. Assets of tax-exempt funds fell $200 million to $82.67 billion.
The seven-day average yield on money market mutual funds was rose to 0.03 percent in the week that ended Tuesday from 0.02 in the previous week, according to Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass.
The 30-day average yield was unchanged from last week at 0.02 percent. The seven-day compounded rose to 0.03 percent to 0.02 percent. The 30-day compounded yield was flat at 0.02 percent, Money Fund Report said.
The average maturity of portfolios held by money market mutual funds was unchanged at 46 days.
The online service Bankrate.com said its survey of 100 leading commercial banks, savings and loan associations and savings banks in the nation's 10 largest markets showed the annual percentage yield available on money market accounts was unchanged at 0.12 percent from the previous week.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was flat from the week before at 0.05 percent.
Bankrate.com said the annual percentage yield on six-month certificates of deposit was flat from the previous week at 0.19 percent. It rose to 0.31 percent from 0.30 percent on one-year CDs. It was unchanged at 0.48 on two-year CDs and unchanged at 0.46 percent on two-and-a-half-year CDs. It fell to 1.01 percent from 1.02 percent on five-year CDs.